RBI constitutes committee on financial inclusion

The Reserve Bank of India has constituted a committee with the objective of working out a 5 year measurable action plan for financial inclusion.

The committee will be headed by RBI Executive Director Deepak Mohanty.

Aims of the committee

• It will review the existing policy of financial inclusion, including supportive payment system and customer protection framework.
• It will study the cross-country experience in financial inclusion to identify key learnings, particularly in the area of technology-based delivery models that could inform policies and practices.
• It will suggest a monitorable medium-term action plan for financial inclusion in terms of its various components like payments, deposit, credit, social security transfers, pension and insurance.
• It will develop the underlying policy and institutional framework, covering consumer protection and financial literacy, as well as delivery mechanism of the financial inclusion.
• It will encompass both households and small businesses, with more emphasis on rural inclusion including group-based credit delivery mechanisms.

The Committee is expected to submit its report in four months from the date of its first meeting.